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EXHIBIT 10.8
Lighthouse Fast Ferry, Inc.
Amendment to Senior Convertible Promissory Notes
Lighthouse Fast Ferry, Inc. ("Lighthouse") has entered into certain senior
promissory notes dated as follows with the lenders listed below:
March 2000
The Orbiter Fund, Ltd. $ 500,000
The Viator Fund, Ltd. 500,000
Capital Research Ltd. 110,000
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Total March Loans $ 1,110,000
June 2000
Lance Offshore, Inc. $ 500,000
James Kelly 100,000
Joseph Roselle 100,000
Joseph Giamanco 300,000*
Capital Research Ltd. 88,000
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Total July Loans $ 1,088,000
October 2000
Lancer Partners, L.P. $ 300,000
Lancer Offshore, Inc. 200,000
Capital Research Ltd. 55,000
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Total October Loans $ 555,000
Total Senior Promissory Notes $ 2,753,000
*includes rollover of $200,000 note previously due
The maturity dates for the above notes are as follows:
March 2000 December 10, 2000
July 2000 January 14, 2001
October 2000 January 30, 2001
It is the desire of the Management of Lighthouse to extend the maturity date of
the above notes to June 30, 2001. As such the Lenders hereby extend the payment
date of the principal under Item 4 - Term to June 30, 2001 in consideration of
the following:
The Company will issue the lenders a total of 1,376,500 shares of the
Company's common stock without cost as consideration for providing this
extension. The distribution will be one share for each $2.00 of
outstanding loans and will be issued as follows:
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Lancer Offshore, Inc. 350,000
The Orbiter Fund, Ltd. 250,000
The Viator Fund, Ltd. 250,000
Lancer Partners, L.P. 150,000
Joseph Giamanco 150,000
Capital Research Ltd. 126,500
James Kelly 50,000
Joseph Roselle 50,000
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Total Shares 1,376,500
Item 12 - Conversion is hereby amended to reduce the conversion price
from $1.50 per share to $1.00 per share.
Item 13 - Default As To Redemption is hereby amended as to Item A
which relates to reduction of the conversion price upon a ninety day
default. Upon a ninety day default, the conversion price is hereby
reduced from $1.00 per share to $.75 per share.
Unless specified above, the terms and conditions of the above senior convertible
promissory notes remain unchanged.
For negotiation and extension of this amendment, the Company hereby agrees to
pay a fee to Capital Research Ltd. in the amount of $100,000 in the form of a
senior convertible promissory note under the terms noted above which include an
equity kicker of 50,000 shares of the Company's common stock.
On behalf of Lighthouse Fast Ferry, Inc.:
/s/ dated this December 4, 2000
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On behalf of Lancer Offshore, Inc.:
/s/ dated this December 5, 2000
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On behalf of The Orbiter Fund, Ltd.:
/s/ dated this December 5, 2000
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On behalf of The Viator Fund, Ltd.:
/s/ dated this December 5, 2000
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On behalf of Lancer Partners, L.P.:
/s/ dated this December 5, 2000
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On behalf of Joseph Giamanco:
/s/ Joseph Giamanco dated this December 8, 2000
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On behalf of Capital Research Ltd.:
_______________________________________dated this ________________
On behalf of James Kelly:
/s/ James Kelly dated this December 5, 2000
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On behalf of Joseph Roselle:
/s/ Joseph Roselle dated this December 6, 2000
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